Kuala Lumpur, 19 February 2016 – PETRONAS Dagangan Berhad (PDB) registered a profit before tax of RM1,084.6 million for the financial year ended 31 December 2015, wrapping up the year with an increase of 53% as compared to the last financial year. The significant increase was a result of higher gross profit, lower operating expenditure as well as higher other income.

Revenue for the year ended 31 December 2015 was RM25,171.2 million, a decrease of 22% compared to the last financial year, mainly due to lower average selling price.

“We have registered an encouraging profit despite this being a challenging year for the oil and gas industry. Our concerted efforts to effectively manage our inventories have helped to cushion the impact of volatile oil prices to our overall performance,” said Mohd Ibrahimnuddin Mohd Yunus, Managing Director and Chief Executive Officer of PDB.

Earnings per share increased to 79.5 sen as at 31 December 2015 from 50.5 sen in the previous year as a result of a higher profit for the year.

The Total Equity Attributable to Shareholders as at 31 December 2015 was RM4,952.3 million, an increase from the previous year's by RM200.1 million.

The Retail Business saw a minimal decrease in gross profit of 1%, mainly impacted by a decrease in sales volume for diesel, which was impacted by softening demand from the industry.

For the Commercial Business, the increase in gross profit by 9% against the previous year was due to higher profit from the sale of bitumen and diesel.

Meanwhile, the gross profit of PDB's LPG Business increased by 37% compared to the same period last year and therefore sustaining its domestic market leadership position as Malaysia's No.1 Cooking Gas.

The Lubricants Business recorded a decrease in gross profit by 23% due to lower volume performance compared to the same period last year as a result of market softening.

“Our strong fundamentals have enabled us to navigate our way and weather the challenges amidst the volatile oil price environment, whilst the strategies we have in place for this financial year have yielded encouraging profits.”

“We will continue to implement inventory management measures, optimise operating expenditure to reduce costs and pursue ongoing efforts in enhancing supply and distribution efficiency to ensure that the company remains resilient in the face of a more challenging environment,” concluded Ibrahimnuddin.